BANKING SERVICES
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First Foundation's fresh approach
The Irvine-based bank offers a variety of services not provided by its traditional competitors.
By Jerry HicksPublished: May 01, 2009
For those who bank in large numbers, First Foundation Bank in Irvine, established by the Keller Financial Group, has become a popular alternative to more traditional banks. First Foundation’s board expects to see branches outside O.C., even with the economy as bad as it is. Chairman and CEO Scott F. Kavanaugh talks about why some people may be looking for alternatives to traditional banking.
Hicks: Explain how you differ from a place like Wells Fargo or Union Bank.
Kavanaugh: Most traditional banks are depository-and-lending institutions. We also offer investment-management services, we manage family foundations and we handle estate planning and gift giving. We have a former estate planning attorney and a former tax partner who help our clients. Our platform is one a large bank could offer but most community banks could not. We tend to deal with entrepreneurs or high-net-worth clients with multiple needs who truly want a private banking relationship.
H: Could just anyone walk into your bank and plunk down a deposit?
K: Yes. We take deposits and make loans just like any bank. We have ATM cards, credit cards. But we don’t have stand-up tellers. Here, you come in and relax at a private station while you bank with us. We’re a relationship type of bank.
H: How has the economy affected your operation?
K: Most of the problems facing banks came before we opened our doors. This economy has given us an opportunity to attract some extremely talented people. Also, with other banks laying off as many people as they have, we see that the competition is not as strong as it once was. This economy has forced us to be a little more conservative in our lending than what we had first anticipated. But we are lending.
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Hicks: Explain how you differ from a place like Wells Fargo or Union Bank. Kavanaugh: Most traditional banks are depository-and-lending institutions. We also offer investment-management services, we manage family foundations and we handle estate planning and gift giving. We have a former estate planning attorney and a former tax partner who help our clients. Our platform is one a large bank could offer but most community banks could not. We tend to deal with entrepreneurs or high-net-worth clients with multiple needs who truly want a private banking relationship. H: Could just anyone walk into your bank and plunk down a deposit? K: Yes. We take deposits and make loans just like any bank. We have ATM cards, credit cards. But we don’t have stand-up tellers. Here, you come in and relax at a private station while you bank with us. We’re a relationship type of bank. H: How has the economy affected your operation? K: Most of the problems facing banks came before we opened our doors. This economy has given us an opportunity to attract some extremely talented people. Also, with other banks laying off as many people as they have, we see that the competition is not as strong as it once was. This economy has forced us to be a little more conservative in our lending than what we had first anticipated. But we are lending. |
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